Question about large entrance fees for senior housing

Kendall is a well-known Retirement Living Group and is generally known as upscale. My father was in an Erickson Community - more affordable and from our experience, exceptionally well run. That said, however, we are finding out that the original agreement was for his estate to be responsible for 3 months of fees beyond vacating his unit and they deduct funds for re-furbishing it. (Dad could have painted the walls, put up window treatments and decorated however they wanted, inside the unit)

A good thing is - that my father and step-mother each paid half the buy-in. Now they are both gone, the community will split the refundable monies and send half to each estate. One less thing we have to deal with! A not-so-good thing is that we won't get paid until A) the unit is re-sold (should be easy - they have 1500 on the wait list) and B) the new tenants have lived there at least 30 days and agree to stay. As time goes on that could be a real sticking point!! The wait list will not be that long forever!

Most of the Retirement Communities around here ( NOT an over-55 neighborhood or complex but a full service place ) are CO-OPS. We had planned to tour a few more and ask more questions this summer but....everything is still pretty locked up here yet. One of these days. We're on one wait list and I want to be on at least one or two more - just in case. Anyone else??
 

Myquest55 said:
Kendall is a well-known Retirement Living Group and is generally known as upscale. My father was in an Erickson Community - more affordable and from our experience, exceptionally well run. That said, however, we are finding out that the original agreement was for his estate to be responsible for 3 months of fees beyond vacating his unit and they deduct funds for re-furbishing it. (Dad could have painted the walls, put up window treatments and decorated however they wanted, inside the unit)

A good thing is - that my father and step-mother each paid half the buy-in. Now they are both gone, the community will split the refundable monies and send half to each estate. One less thing we have to deal with! A not-so-good thing is that we won't get paid until A) the unit is re-sold (should be easy - they have 1500 on the wait list) and B) the new tenants have lived there at least 30 days and agree to stay. As time goes on that could be a real sticking point!! The wait list will not be that long forever!

Most of the Retirement Communities around here ( NOT an over-55 neighborhood or complex but a full service place ) are CO-OPS. We had planned to tour a few more and ask more questions this summer but....everything is still pretty locked up here yet. One of these days. We're on one wait list and I want to be on at least one or two more - just in case. Anyone else??
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Good information. Thanks!
 
Lvstotrvl said:
What Is the $114,000 for, buying the apartment? I never heard of buying an apartment.
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A "bought apartment" is usually a condo. Most of the apartments where I live are resident-owned condos. In fact, there is a limit on the number of rentals allowed per building.

That $114,000 sounds outrageous to me. Here, the initial fee for moving in is 2% of the selling price of the unit, obviously a lot less than that!
 


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